Financing
Preapproval
Finding a lender
How much can I afford?
Types of Financing
Preapproval
Most buyers find it useful to get preapproved before
starting to
search for a
home. Preapproval means the buyers have gone
through the full mortgage
qualification process and have a
mortgage commitment. Buyers can also be
prequalified for a
mortgage which is an estimate of what the buyer can afford
without
the mortgage commitment.
The advantages to getting preapproved are:
Fewer Surprises: Preapproval with a good lender will help
eliminate unexpected credit problems causing issues after you find a home. Working with a lender early in the process can also help answer many of your questions about the mortgage process.
Helps you find your price range: Knowing the proper price
range allows you to shop with confidence. Finding the perfect
home and knowing that you are already approved makes it much easier to move forward.
Stronger position when you find a home: Sellers are as
nervous about this process as you are. Often they have to sell
their home to purchase another. Having a preapproved buyer
goes a long way towards making the sale come together
the financing they need. We can help you find the lender best suited to your
needs. Contact one of our agents and ask them about getting prequalified to
buy.
MN 55069
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